Ascot Resources (TSX: AOT) has lined up a financing of up to C$65 million ($45 million) to get its Premier gold project in British Columbia back on track.
On Thursday, the company entered an agreement with a syndicate of agents co-led by Desjardins Capital Markets and BMO Capital Markets to sell units of the company priced at C$0.115 each on a “best-efforts” basis to raise a minimum of C$60 million and a maximum of C$65 million.
Each unit being offered comprises one common share of Ascot and one warrant to purchase shares at C$0.155 per share. The stock traded at C$0.15 in early afternoon trading, giving the BC-based miner a market capitalization of C$139 million ($98 million).
On top of the financing, Ascot has also arranged for Sprott Private Resource to release the $7.5 million second stream deposit from escrow. Sprott is one of the main creditors who has been funding mine development activities…
